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(a) If a person's preferences could be represented by the utility func- tion u(F,C) = FC2...

(a) If a person's preferences could be represented by the utility func- tion u(F,C) = FC2 where F is her food consumption and C her clothing consumption, and if the price of food were 1, and her income was 60, what would be the equivalent variation (EV) to a fall in the price of clothing from 2 to 1/2? (b) What if the utility is U = min[C, F]?

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